NEW YORK CITY, NEW YORK, UNITED STATES, March 27, 2020 /EINPresswire.com/ — The Global Pre-Engineered Buildings Market is forecast to reach USD 32.97 Billion by 2027, according to a new report by Reports and Data. The increasing construction activities across the globe, coupled with the rising population and changing lifestyles, are propelling the growth of the market. Rapid urbanization will also drive the demand for pre-engineered buildings during the forecast period. Construction Industry is a booming industry and is expected to remain the same with the continuation of the development process, especially in developing countries.

The pre-engineered buildings are a cost-saving method of construction. For instance, the use of standard seam roofs, instead of membrane-style roofs can significantly reduce the expenses involved. The use of sheeting can also further drive down the cost. As the materials and designs are pre-engineered, the erection of buildings is quicker and more efficient than a conventional structure.

Further key findings from the report suggest
• Among the materials, steel accounted for the largest market share of over 31% in the year 2019 and is expected to grow further with a CAGR of 11.9% during the forecast period. Steel buildings consist of a metal roofing system, supported by a structural steel framing system, and the wall panels of different materials. The walls are generally made from non-load bearing and provide a space free from obstruction by inferior columns. Pre-engineered steel buildings are generally engineered to specific dimensions, taking into account all relevant building regulatory, environmental factors, and potential load issues.
• The single-storey structures accounted for a larger market share of nearly 59% in the year 2019. Single-storey structures are typically used for factories, workshops, industrial, warehouses, and retail and leisure.
• The multi-storey structures are anticipated to witness a higher growth rate of 12.5% during the forecast period. The growth of multi-storey structures is attributed to its demand from the commercial sector. The tangible benefits of multi-storey structures include the ability to provide efficient circulation space, column-free floor spans, integration of building services, and the influence of the site and local access conditions on the construction process.
• The Asia Pacific region held the largest market share of around 31% in the year 2019 and is anticipated to witness the highest CAGR of 12.2% during the forecast period. Increased construction & infrastructure spending in emerging economies, including China and India, are majorly escalating the demand for pre-engineered buildings. Moreover, the growing transportation, logistics, and tourism industries in the region have led to an increased demand for warehouses, power plants, laboratories, restaurants, and others, which positively impacts the market growth.
• Key participants include Kirby Building Systems, BlueScope Steel, Zamil Steel, PEB Steel Buildings, Everest Industries, Era Infra, Jindal Buildsys, Interarch Building Products, Multicolor Steels, Lloyd Insulations, SML Group, PEBS Pennar, and Tiger Steel Engineering, among others.
• The leading companies have adopted various strategies, including mergers, acquisitions, and partnerships, to hold ongoing trails and come up with new developments in the market.

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